HMM: Disney caught by surprise by the return of activist investor Nelson Peltz.

“They were caught by surprise,” a person familiar with the matter told Yahoo Finance about Trian Fund Management Nelson Peltz’s latest activist attack on the bumbling media conglomerate.

A source familiar with Disney’s thinking refuted the notion.

With Disney shares plumbing fresh 52-week lows, billionaire Peltz is jumping back in the ring to duke it out with superstar CEO Bob Iger.

Peltz is seeking multiple board seats at Disney, including one for himself, the person familiar with the Trian CEO’s thinking said. The Wall Street Journal first reported news of Peltz’s move, which included boosting Trian’s stake in Disney.

The window for board nominations begins on Dec. 5 and continues to Jan. 4. But the situation at Disney is so concerning that Peltz didn’t see the need to wait until December, the person said.

Disney could use a big shakeup — and a lot less Iger.